<button id="redirect" onclick="" type="submit" class="">
Текст
</button>

<a id="redirect" onclick="" type="submit" class="">
Отмена
</a>

replace_tag($('button'), 'a');

function replace_tag(node, replacementTag){

	node.each(function() {
		var outer = this.outerHTML;

		var regex = new RegExp('<' + this.tagName, 'i');
		var newTag = outer.replace(regex, '<' + replacementTag);

		regex = new RegExp('</' + this.tagName, 'i');
		newTag = newTag.replace(regex, '</' + replacementTag);

		$(this).replaceWith(newTag);
	});
}